The Oregon Health & Science University (OHSU) Board of Directors today formally accepted the report of KPMG, LLC, an independent auditor charged with reviewing OHSU’s fiscal year 2012 financial statements. Commissioning an independent audit is a standard, recurring part of OHSU’s annual budget year.
The KPMG report noted “no material errors” and issued “an unqualified opinion stating that the financial statements of OHSU are fairly presented, in all material respects,” in accordance with generally accepted accounting principles. The report also noted no disagreements with management about matters that could be significant to the financial statements or the final report, and no deficiencies in internal controls.
OHSU’s final FY 12 results showed only one notable change from the preliminary figures presented to the Board in September – a $3 million improvement of operating income to $83 million. This reflects a reclassification of $3 million in gifts from non-operating to operating revenues to better reflect the character of the gifts.